PROGRAM HIGHLIGHTS FOR FHA DOWN PAYMENT ASSISTANCE
- Roll out date. August 1st, 2009.
- Down Payment and/or closing cost assistance in the form of a 2nd up to 3% of sales price.
- CLTV up to 99.5%
- 2nd loan is amortized over 15 years at a fixed interest rate of 8.25%.
- FHA financing with LTV’s up to 96.5%.
- NO first time home-buyer restrictions.
- Conforming and Jumbo loan amounts.
- Seller can pay all closing costs.
- CA properties only.
- FICO scores below 620, even NO fico score permitted for qualified buyers
Income restrictions:
Can make no more than 120% of HUD AMI (based on qualifying income). To find out what the county’s medium income is: visit www.huduser.org/datasets/il.html .. Click- 2009 Income limits, Access Individual Income Limits, click state and county. Use the medium income number and multiply by 120%. Or Just give us a call and we will do it for you based on your situation.
Contact us for the best service and rates.
By Eddie Stokes California Mortgage 714-681-8209
